Panasonic and Toyota Agree to Establish Joint Venture Related to Town Development Business
TOKYO, May, 09 2019 - (JCN Newswire) - Panasonic Corporation and Toyota Motor Corporation concluded today contracts aimed toward the establishment of a new joint venture related to the town development business. Both companies aim to fuse the mobility services initiatives promoted by Toyota and the "lifestyle updates" initiatives spearheaded by Panasonic through collaboration based on the establishment of the joint venture, thereby creating new value for the entire town as a whole.
Panasonic and Toyota are committed to realizing improvements in peoples' lives while seeking growth and advancements in the town development business. A rapid change is expected in this business due to the accelerated deployment of IoT(1) technologies in home appliances, household equipment, etc., as well as the evolution in mobility, such as CASE(2) and "MaaS(3)," a new concept of providing services by connecting cars, public transportation and other means of transportation through IT.
In the housing business, in which market competition is anticipated to intensify, the two companies will reinforce the foundation of their business through the integration of their respective housing businesses.
Kazuhiro Tsuga, President of Panasonic, said: "In the future, in addition to hardware, the provision of improved services supported by technology will assume a more important role in town development that provides value for customers and the local community. Toyota has been leading the mobility field, and Panasonic has long been serving lifestyle needs of people. We will put our respective strengths together to offer new value in everyday life. Through this collaboration, Panasonic will further challenge itself to continue advancement in the town development business, aiming to deliver the 'ideal lifestyle' for each customer."
Akio Toyoda, President of Toyota, said: "From here on out, information will link all items and services that support people's daily lives thanks to the development of CASE, and considering this from a broad, community-level and society-level perspective that includes cars--in other words, working from the concept of 'connected cities'--will become important. In order to realize this, I believe that it is important to have a spirit of cooperation with friends and allies, while sharing our goals regarding what kind of future we want to create. I want to take on the challenge of providing a new kind of lifestyle, based on the spirit of always wanting to be better and better, while bringing together the strengths of Toyota, with its vehicle business and connected business, and Panasonic, with its home appliance business, battery business, and IoT business, and enhancing our competitiveness, with the housing business of both companies as the core."
In the town development business, Panasonic, together with various companies, has led the development of sustainable smart towns (SST)(4) as advanced models of town development, which drew considerable attention both inside and outside Japan as successful examples of cutting-edge town development. Meanwhile, Toyota has been proceeding with the construction of a "mobility service platform" (MSPF)(5) while enhancing the development of "connected cars," to realize an unrestricted, safe and comfortable mobility society for everyone, and promoting various big data initiatives to benefit both customers and society. In addition, Toyota has also been collaborating with various domestic and overseas companies to create new mobility services. Through the establishment of the joint venture, both companies are committed to contributing to the realization of more attractive towns, making use of Panasonic's knowledge and digital technology related to living, and Toyota's expertise in mobility.
(1) "IoT" stands for Internet of Things. Connecting various electronic devices to the internet enables them to communicate and provide technologies and services such as automatic control, remote operation and measuring.
(2) "CASE" stands for Connected, Autonomous, Shared and Electric.
(3) "MaaS" stands for Mobility as a Service, which means a service that realizes seamless transportation for people through the combination of public transportation, rental cars, taxis, rental bicycles and other means.
(4) "Sustainable smart town" means a town that realizes its sustainable evolution in pursuing a better life by adopting state-of-the-art technologies and services.
(5) "Mobility service platform" means the information infrastructure for connected cars constructed by Toyota.
About Toyota Motor Corporation
Toyota Motor Corporation (TMC) is the global mobility company that introduced the Prius hybrid-electric car in 1997 and the first mass-produced fuel cell sedan, Mirai, in 2014. Headquartered in Toyota City, Japan, Toyota has been making cars since 1937. Today, Toyota proudly employs 370,000 employees in communities around the world. Together, they build around 10 million vehicles per year in 29 countries, from mainstream cars and premium vehicles to mini-vehicles and commercial trucks, and sell them in more than 170 countries under the brands Toyota, Lexus, Daihatsu and Hino. For more information, please visit www.toyota-global.com.
Public Affairs Division
Global Communications Department
Toyota Motor Corporation
Source: Toyota Motor Corporation
Sectors: Enterprise IT, Automotive
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